Subject: Disclosures Auction Season 2014
Syndicate(s) Affected: s.1969
This statement has been prepared by ANV Syndicates Limited (ASL) for the purpose of disclosing to existing and prospective underwriting members of Syndicate 1969 (the Syndicate) information which may be of relevance to such members in considering their participation for the 2015 year of account (YOA).
Members are also referred to the 2015 Year of Account Business Plan narrative document, other SBF documents, and the Syndicate’s latest financial statements and quarterly returns, all of which have either been provided or are available to members (or their representatives as appropriate), and which include information on various changes affecting ASL and/or the Syndicate which have taken place since the end of 2013.
New Class of Business
Syndicate 1969 has submitted the September Syndicate Business Forecast for 2015 with a stamp capacity of £160m. This represents a 14.3% pre-emption on the 2014 capacity. The September plan also includes a new Aviation class of business with the hire of a well regarded Class Underwriter. This has recently been added and was not included in the July submission. This plan is subject to formal approval by Lloyd’s. Further details of the SBF can be obtained from Members Agents.
Further to previous correspondence with Members Agents and Direct Corporate Participants, Apollo is developing its organisational structure with the aim to become an independent managing agency. These plans are proceeding in line with expectations, and the application process has been formally initiated. Should the application be successful, the managing agency launch may occur during 2015.
ASL management change
Peter Haynes is stepping down as Managing Director of ASL to pursue a portfolio career of non-executive directorships, and a permanent replacement for him will be announced in due course. As the notice periods for some preferred candidates for this role are up to twelve months, the ASL Board has decided to appoint R. Matthew Fairfield to the interim role of CEO of ASL, in addition to his responsibilities as ANV Group CEO. This change is effective 1 October 2014, subject to regulatory approval.
With effect from the 2015 YOA, it is intended that the Syndicate will participate in two consortia which will also involve ANV Syndicate 1861, in the following classes of business: Aviation (led by Syndicate 1969) and Accident & Health (led by ANV Syndicate 1861). Further details of these initiatives are provided in the 2015 Year of Account Business Plan narrative document which has been provided to all members (or their representatives as appropriate).
Related parties transactions
ASL remains subject to a variation to its regulatory permission under which gross net premiums produced to any syndicate under ASL’s management by subsidiaries of Ryan Specialty Group, LLC in a given YOA may not exceed 20% of that Syndicate’s stamp capacity in that YOA. This restriction is not expected to affect the Syndicate’s ability to deliver its 2015 SBF in any way.
Date issued: 26 September 2014
Agency contact name: Jamie Ingham Clark
Agency contact no: + 44 (0) 20 7280 6290
For auction office use only: D2014007
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